International Monetary Fund. Asia and Pacific Dept
The Sixth Five Year Plan, as outlined in Bangladesh's Poverty Reduction Strategy Paper, targets strategic growth and employment. The medium-term macroeconomic framework plan entails the involvement of both the private and public sectors. Human resources development strategy programs reaching out to the poor and the vulnerable population, as well as environment, climate change, and disaster risk management, have been included in the plan. Managing regional disparities for shared growth and strategy for raising farm productivity and agricultural growth have been outlined. Diversifying exports and developing a dynamic manufacturing sector are all inclusive in the proposed plan.
Albert Waterston, David Williams, and Robert F. Skillings
• Singer, H. W., International Development: Growth and Change, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1964, xiv + 295 pp., $7.50; • Bhagwati, Jagdish, The Economics of Underdeveloped Countries, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1966, 254 pp., $2.45; • Birmingham, W., and A. G. Ford (Eds.), Planning and Growth in Rich and Poor Countries, New York, N.Y., U.S.A., Frederick A. Praeger, 1966, 267 pp., $7.50; • Horowitz, Irving Louis, Three Worlds of Development: The Theory and Practice of International Stratification, New York, N.Y., U.S.A., Oxford University Press, 1966, xiv + 475 pp., $8.50; • Fryer, D. W., World Economic Development, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1965, xi + 627 pp., $8.95; • Scott, Andrew M., with William A. Lucas and Trudi M. Lucas, Simulation and National Development, New York, N.Y., U.S.A., John Wiley & Sons, Inc., 1966, ix + 177 pp., $5.95.
The Two Faces of Financial Globalization looks at the phenomenon of rising cross-border financial flows-credited with boosting growth in developing countries but also blamed for the emerging market crises of the late 1980s and 1990s. The lead article puts together a framework for analyzing studies about the costs and benefits of financial globalization. Other articles look at the worldwide allocation of capital, the role of finance in macroeconomic management, and changes in the investor base. "Picture This" illustrates the growth and direction of capital flows. One guest contributor describes India's capital account liberalization, and another looks at how participants in international finance can cope with a fluid financial landscape. "People in Economics" profiles Guillermo Calvo; "Back to Basics" explains the difference between the purchasing power parity exchange rate and market exchange rates as measures of global economic growth; and "Country Focus" spotlights Australia.
John Finger, J. Michael Nash, Kenneth King, William McGreevey, Vikram Khanna, and Erich Spitaeller
SlNCE the dissolution of the Soviet Union, most of the former member states have retained the ruble as their national currency but have followed independent monetary policies. Such a combination is not sustainable. With mounting disarray in the ruble area, each state must now quickly adopt either a common monetary policy or a separate national currency.